US President Donald Trump announced new tariffs on eight countries, Brazil, Sri Lanka, Algeria, Brunei, Iraq, Libya, Moldova, and the Philippines, via Truth Social on Wednesday.
These tariffs, replacing a 10% baseline rate set during a 90-day negotiation window, assign individual rates: 30% for Algeria, Sri Lanka, and Iraq; 25% for Brunei, Libya, and Moldova; 20% for the Philippines; and a steep 50% for Brazil, a country spared previously in Trump’s trade crackdown.
“Brazil’s treatment of former President Bolsonaro […] is an international disgrace,” Trump wrote in his letter, calling the prosecution of the far-right Brazilian leader “a witch hunt that must end immediately.”
Algerian products will face a 30% tariff, unchanged from the initial announcement in early April.
Libyan imports will be taxed at 25%, down 1 percentage point, while tariffs on goods from Iraq and Sri Lanka will drop by 9 and 14 points, respectively, to 30%.
Moldovan and Bruneian products will be subject to a 25% tariff, a 6-point decrease for Moldova and a 1-point increase for Brunei. Imports from the Philippines will incur a 20% surcharge, up 3 percentage points.
Trump justified Brazil’s rate by citing “grave injustices,” including alleged censorship and election interference, criticizing current governance and indirectly backing former far-right President Jair Bolsonaro.
The announcement follows letters sent to Japan and South Korea threatening 25% tariffs, and signals a broader return to Trump’s aggressive trade strategy.
US GDP shrank 0.5% in Q1, and job growth in trade and construction slowed.
Markets remain steady, with the Nasdaq, S&P 500, and Dow all showing slight gains.
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